TSE: 4063 - Shin-Etsu Chemical Co., Ltd.

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — 关键利率
Excess Key Rate — 期望超出关键利率
EPS = 259.17
CAGR EPS = 11.41%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 259.17 * (1 + 11.41%) / (0.0433 * 2) = 3334.1

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 106
g = 0.2035
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.39
β = 2.03
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 2.03 * 5.94 + 0 = 0.1442
Price = (106 * (1 + 0.2035)) / (0.1442 - 0.2035) = 2153.5

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 1695.81
Ebitda Yield = 0.106
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 1.5
Debt = 24.3
Market Cap = 9140
Weight Debt = Market Cap / (Market Cap + Debt) = 9140 / (9140 + 24.3) = 0.9973
Weight Cost Debt = 100% - 0.9973 = 0.0027
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.39
β = 2.03
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 2.03 * 5.94 + 0 = 0.1442
WACC = (1.5 / 24.3) * (100% - 0.9973) * (1 - 0.21) + 0.1442 + 0.9973 = 4.98
Terminal Value = Discount (1695.81 * (1 + 0.106) / (4.98 - 0.106)) = 26165.15
Company Value = ∑ (1695.81 / (1 + 4.98) ^ 5) = 6008.59
Price = (Terminal Value + Company Value) / Count shares = (26165.15 + 6008.59) / 2006980000 = 16030.92

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 833.7
FCF Yield = 0.1716
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 1.5
Debt = 24.3
Market Cap = 9140
Weight Debt = Market Cap / (Market Cap + Debt) = 9140 / (9140 + 24.3) = 0.9973
Weight Cost Debt = 100% - 0.9973 = 0.0027
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.39
β = 2.03
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 2.03 * 5.94 + 0 = 0.1442
WACC = (1.5 / 24.3) * (100% - 0.9973) * (1 - 0.21) + 0.1442 + 0.9973 = 4.98
Terminal Value = Discount (833.7 * (1 + 0.1716) / (4.98 - 0.1716)) = 6289.36
Company Value = ∑ (833.7 / (1 + 4.98) ^ 5) = 2657.04
Price = (Terminal Value + Company Value) / Count shares = (6289.36 + 2657.04) / 2006980000 = 4457.64